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EUR/USD Price Analysis: Another drop to the February low is not ruled out

  • EUR/USD resumes the downside following Thursday’s decent uptick.
  • A deeper decline could see the monthly low near 1.0670 retested.

EUR/USD keeps the weekly range bound theme unchanged and now breaks below the key 1.0700 support on Friday.

In case losses gather extra impulse, then the pair could rapidly challenge the so far February low at 1.0669 (February 7). The loss of the latter could pave the way for further retracement to the 2023 low at 1.0481 (January 6).

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0321.

EUR/USD daily chart

EUR/USD

Overview
Today last price1.0692
Today Daily Change67
Today Daily Change %-0.39
Today daily open1.0734
 
Trends
Daily SMA201.0833
Daily SMA501.0703
Daily SMA1001.0353
Daily SMA2001.0323
 
Levels
Previous Daily High1.0791
Previous Daily Low1.071
Previous Weekly High1.1033
Previous Weekly Low1.0793
Previous Monthly High1.093
Previous Monthly Low1.0483
Daily Fibonacci 38.2%1.076
Daily Fibonacci 61.8%1.0741
Daily Pivot Point S11.0699
Daily Pivot Point S21.0664
Daily Pivot Point S31.0618
Daily Pivot Point R11.078
Daily Pivot Point R21.0826
Daily Pivot Point R31.0861

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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